Which of the Following Is Incorrect Regarding Nondomiciliary Businesses

question 91

Multiple Choice

Which of the following is incorrect regarding nondomiciliary businesses?

• A) A business can be nondomiciliary in only one jurisdiction.
• B) A business cannot be nondomiciliary where headquartered.
• C) Subject to tax only where nexus exists.
• D) Subject to tax only where a sufficient connection exists.

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Definitions:

Order for Relief

A court order that occurs when a petition for bankruptcy is approved, protecting the petitioner from creditors and potentially leading to a debt reorganization plan.

Debtor in Possession

A debtor in possession is a status in bankruptcy proceedings where a debtor continues to control property and operate its business under the oversight of the court.

Partially Secured Liability

A debt or obligation that is backed by collateral to a degree, but not fully covered by assets of equal or greater value.